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Skills Unit
LI20008-20
Settle life insurance claims
This unit describes the skills and knowledge required to calculate benefits and settle claims made under risk-based life insurance policies.
10 CIP Points
Settle life insurance claims
AUD $425
Claims
Life and Retirement Income
5-week Study Period
10 Credit Points
Specialised
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Who should take the course
The unit applies to individuals who use specialised knowledge and systematic approaches to settle life insurance claims.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
What you'll learn
By the end of this learning pathway, you should be able to:
- review settlement advice for claims against life insurance policies
- calculate settlement details
- finalise claims payment
Competencies
FNSILF417 Settle life insurance claims
Topics covered
Week 1: Life insurance overview
- Learn about life insurance risk products
- Identify the types of cover, policy exclusions, and terms and conditions
- Understand the processes and procedures to follow when handling claims
- Explore the claims assessor’s scope of authority
- Identify the legislation relevant to life insurance.
Week 2: Reviewing the claim settlement
- Receiving and reviewing settlement advice
- Identifying and collecting claim settlement evidence
- Ensuring all referral processes and authority levels have been followed
- Identifying the extent of liability.
Week 3: Calculating the settlement
- Determining the claim benefit
- Advising the claimant and obtaining policy discharge
- Making a benefit payment
- The methods used for payment.
Week 4: Finalising the settlement
- Claiming reinsurance
- Ceasing and finalising the claims process
- Ex gratia payments
- The process to follow when a claim is denied
- The recording of claim information and how it the insurer may use it.
Assessment
1 Exam and 1 Simulation
See the Assessment and Academic Calendars pages for more information.